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- Eavor
Eavor Valuation, Funding & Investors
Eavor is valued at $601M as of October 2023.
Last Eavor valuation
$601M
Series B · Oct 2023
Last Eavor funding round
$65M
Undisclosed stage · Jun 2025
Cumulative funding Eavor raised
$325M
across 10 funding rounds
Key investors in Eavor
BP Ventures
Vickers Venture Partners
Eversource Energy
Temasek
Business Development Bank of Canada
Canada Growth Fund
About Eavor
Eavor is a Calgary-headquartered geothermal energy company pioneering the Eavor-Loop closed-loop system for baseload power generation. Deployed in Canada, Germany, and the U.S., the technology drills multilateral wells up to 6 km deep, circulating water via thermosiphon without pumps or aquifers. Since 2017 founding, Eavor raised over $100 million, with pilot plants producing 250 kW thermal output and commercial projects targeting 4 MW electricity by 2024.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$601M (Oct 2023)
Sectors
Eavor Valuation
Eavor is currently valued at $601M, based on its Series B in October 2023.
The $133M round was led by OMV, with participation from Temasek, Japan Energy Fund, Eversource Energy, Chubu Electric Power, Canada Growth Fund and 5 other investors.
Eavor's valuation has moved from $601M at its Series B in June 2023 to $601M in October 2023, across 2 priced rounds.
Eavor valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2023 | Series B | $601M |
| Jun 2023 | Series B | $601M |
Eavor Funding History
Eavor has raised a total of $325M across 10 funding rounds.
Eavor's first fundraising round was a $500K seed round in February 2017. The most recent completed round was a $65M undisclosed-stage round in June 2025.
Eavor funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2025 | Undisclosed stage | Canada Growth Fund (lead) | $65M | - | Eavor Technologies Inc., founded in 2017 and based in Calgary, Alberta, develops the proprietary Eavor-Loop™, a closed-loop geothermal system designed to provide scalable clean heat and power with a reduced environmental footprint compared to traditional geothermal technologies. The company has demonstrated pilot versions and is constructing its first commercial-scale project in Geretsried, Germany. On June 3, 2025, Canada Growth Fund (CGF) announced an additional financing commitment of up to CAD 138 million (approximately USD 100 million), structured as CAD 89 million at financial close and CAD 48 million contingent on achieving project milestones. This investment aims to accelerate development and commercial deployment of Eavor's technology while ensuring the majority of its workforce and operations remain in Canada. This new commitment follows CGF's prior CAD 90 million investment in October 2023 as part of Eavor's Series B equity raise, which totaled $182 million led by OMV AG with participation from Japan Energy Fund, Monaco Asset Management, Microsoft’s Climate Innovation Fund, and others including BDC, bp Ventures, Eversource Energy, Temasek, and Vickers Venture Partners. The 2025 funding underscores CGF's strategy to scale Canadian cleantech at demonstration and commercialization stages, aligning with its mandate as a $15 billion vehicle to attract private capital to low-carbon projects. CGF has committed about CAD 2.7 billion across 13 investments since June 2023. Eavor's technology leverages Canada's drilling expertise for global geothermal innovation, with recent advancements like the Eavor-Link™ Active Magnetic Ranging system deployed at Geretsried to improve drilling efficiency. The company maintains its headquarters in Calgary, supporting local employment and positioning itself as a leader in dispatchable geothermal energy solutions amid growing demand for reliable clean power. |
| Oct 2023 | Series B | OMV (lead); Temasek; Japan Energy Fund; Eversource Energy; Chubu Electric Power; Canada Growth Fund; Vickers Venture Partners; BP Ventures; Microsoft Climate Innovation Fund; Monaco Asset Management; Business Development Bank of Canada | $133M | $601M | Eavor Technologies Inc. develops Eavor-Loop™, a closed-loop geothermal technology that generates heat and power by circulating fluid through underground loops without relying on groundwater or aquifers, enabling scalable deployment worldwide. The company completed the first close of its Series B equity round on June 14, 2023, led by OMV with a €34 million (C$50 million) investment for a 6.5% stake, alongside follow-on investments from bp Ventures, Eversource Energy, and Vickers Venture Partners, and conversion of Chubu Electric Power's debenture. This implied a post-money valuation of approximately €523 million based on OMV's stake. The full Series B round closed later in 2023, raising a total of C$182 million (approximately $132.7 million USD equivalent) announced on October 25, 2023, with additional investors including Canada Growth Fund, Japan Energy Fund, Monaco Asset Management, Microsoft Climate Innovation Fund, and others, bringing Eavor's total 2023 equity capital to C$239 million including prior tranches and Series A issuances. OMV's investment established it as a key commercial partner with preferred licensing terms for Eavor-Loop™ deployments initially in Austria, Romania, and Germany. Eavor advanced commercialization in 2023 by securing a €91.6 million grant from the European Union Innovation Fund, beginning drilling at the world's first commercial Eavor-Loop™ project in Geretsried, Germany, which hosted German Chancellor Olaf Scholz at its inauguration. These milestones position Eavor as a leader in scalable geothermal solutions amid global energy transition efforts. |
| Jun 2023 | Series B | OMV (lead); Eversource Energy; Vickers Venture Partners; BP Ventures | $60M | $601M | Eavor Technologies Inc. is a Canadian company developing Eavor-Loop™, a closed-loop geothermal energy technology designed for scalable, location-independent heat and power generation without hydraulic fracturing or permeable reservoirs. On June 14, 2023, Eavor reached the first close of its Series B equity round, led by OMV with a €34 million (CDN $50 million) investment for a 6.5% stake, implying a post-money valuation of approximately EUR 523 million. Follow-on investments came from existing partners BP Ventures, Eversource Energy, and Vickers Venture Partners, while Chubu Electric Power converted its debenture into equity. The investment accompanies a commercial agreement positioning OMV as a key partner for large-scale Eavor-Loop deployments initially in Austria, Romania, and Germany, with preferred licensing terms, services access, and development support. This first close formed part of a larger Series B round totaling $182 million (with further closings involving Canada Growth Fund, Japan Energy Fund, Monaco Asset Management, and Microsoft’s Climate Innovation Fund) and contributed to Eavor securing $239 million in equity capital overall in 2023. Eavor's 2023 milestones included receiving a €91.6 million grant from the European Union, commencing drilling at the world’s first commercial Eavor-Loop project in Germany (inaugurated with German Chancellor Olaf Scholz in August), and advancing commercialization of its technology. The round supports global deployment of Eavor-Loop, positioning the company as a leader in scalable geothermal solutions amid the transition to low-carbon energy. |
| Jan 2023 | Series A | BP Ventures (lead) | $8M | - | Eavor Technologies is a Canadian geothermal energy technology company developing the Eavor-Loop, described as the world's first truly scalable form of clean, dispatchable, baseload-capable heat and power generation. The company's technology aims to provide reliable renewable energy without the intermittency limitations of solar and wind. In February 2023, Eavor received $40 million in funding from bp Ventures, Chevron Technology Ventures, BDC Capital, Eversource, and Vickers Venture Partners. Later that year, in October 2023, Eavor closed a $182 million Series B round led by OMV AG, with participation from Canada Growth Fund, Japan Energy Fund, Monaco Asset Management, Microsoft's Climate Innovation Fund, and existing investors. The funding was directed toward accelerating development and deployment of the Eavor-Loop technology, with the company constructing its first full-scale commercial project at Geretsried in Germany. By October 2024, Eavor had raised over $364 million in total funding and secured a €45 million loan from the European Investment Bank to support the Geretsried project. |
| Feb 2021 | Undisclosed stage | Temasek; Eversource Energy; Chevron Technology Ventures; Vickers Venture Partners; BP Ventures; Business Development Bank of Canada | $40M | - | - |
| Sep 2019 | Series A | Vickers Venture Partners (lead) | $11M | - | Eavor Technologies Inc. develops a disruptive closed-loop geothermal energy solution providing scalable, green baseload power. Vickers Venture Partners invested in Eavor's CAD$15 million Series A funding round announced on September 25, 2019, marking the firm's first investment in a Canadian startup. The round closed Eavor's Series A and funds will pursue the company's growing pipeline of commercial opportunities worldwide. Eavor's President & CEO John Redfern noted that core R&D functions are well funded, with Vickers assisting in structuring global project finance comparable to wind and solar scales. |
| Jan 2019 | Seed | Creative Destruction Lab (CDL) (lead) | $5M | - | Eavor Technologies is developing the Eavor-Loop, a closed-loop geothermal technology that provides scalable baseload green energy without fracking, GHG emissions, earthquake risk, water use, or aquifer contamination. In 2019, Eavor announced partnerships including work with Creative Destruction Lab (CDL), a program focused on massively scalable science-based companies across Canadian cities and New York. Eavor planned to commence drilling on the $10M CAD Eavor-Lite demonstration site near Rocky Mountain House, Alberta, in Q3 2019 to showcase proprietary design elements and test advanced operating fluids. Following the demonstration, Eavor aimed to build commercial Eavor-Loop installations, with a pipeline of power, heat, and combined heat+power projects worldwide, starting with a 65M EUR heat-only project in the Netherlands. Creative Destruction Lab invests in pre-seed to Series A rounds, typically in ranges of $100K-$500K, focusing on deeptech sectors including energy. |
| Dec 2018 | Seed | - | $400K | - | - |
| Jun 2018 | Seed | - | $2M | - | - |
| Feb 2017 | Seed | - | $500K | - | - |
Who has invested in Eavor?
13 investors have backed Eavor across its funding rounds, including BP Ventures, Vickers Venture Partners, Eversource Energy, Temasek, Business Development Bank of Canada and Canada Growth Fund.
Lead investors include Canada Growth Fund, OMV, BP Ventures, Vickers Venture Partners and Creative Destruction Lab (CDL).
Eavor Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Sep 2019 | ||
| 4 | Lead | Feb 2021 | ||
| 3 | Participant | Feb 2021 | ||
| 2 | Participant | Feb 2021 | ||
| 2 | Lead | Jun 2023 | ||
| 2 | Lead | Oct 2023 | ||
| 2 | Participant | Feb 2021 | ||
| 1 | Participant | Oct 2023 | ||
| 1 | Participant | Oct 2023 | ||
| 1 | Lead | Jan 2019 | ||
| 1 | Participant | Feb 2021 | ||
This data is available for Pro users. Sign up to see all 13 Eavor investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialEavor Competitors
Eavor competitors include listed companies like Cox Energy, Audax Renovables and Cloudberry Clean Energy, and private ones like HIF Global, Fulcrum Bioenergy and NatPower.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $600M | - | ||
| Private | - | - | $603M | - | ||
| Publicly listed | $627M | $154M | $606M | - | ||
| Publicly listed | $2.2B | $107M | $590M | 0.4x | ||
| Publicly listed | $55M | $39M | $612M | 9.6x | ||
| Private | - | - | $575M | - |
Eavor Public Comps
Eavor is still privately-owned, but its public comps include Cox Energy, Audax Renovables, Cloudberry Clean Energy, West Holdings, General Fusion, PNEGroup, JinkoSolar, Raizen, Array Technologies and CW Enerji.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $627M | $154M | 6.5x | - | 26.5x | - | |||
| $2.2B | $107M | 0.4x | 0.4x | 8.5x | 7.2x | |||
| $55M | $39M | 18.3x | 9.6x | 25.6x | 15.5x | |||
| $304M | $74M | 3.1x | 2.7x | 12.6x | 10.3x | |||
| - | ($25M) | - | - | (28.3x) | - | |||
| $265M | $49M | 5.7x | 3.7x | 31.0x | 14.7x | |||
| $9.8B | ($44M) | 0.6x | 0.6x | (139.6x) | 25.8x | |||
| $44B | ($1.4B) | 0.3x | 0.3x | (8.7x) | 9.7x | |||
This data is available for Pro users. Sign up to see all Eavor competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Eavor
| When was Eavor founded? | Eavor was founded in 2017. |
| Where is Eavor headquartered? | Eavor is headquartered in Calgary, Canada. |
| Is Eavor publicly listed? | No, Eavor is a private, VC-backed company. |
| What is Eavor's valuation? | Eavor was last valued at $601M in its Series B in October 2023. |
| How much funding has Eavor raised? | Eavor has raised $325M across 10 funding rounds. |
| What was Eavor's last funding round? | Eavor's last funding round was a $65M undisclosed-stage round in June 2025, led by Canada Growth Fund. |
| Who are Eavor's investors? | Eavor's investors include Vickers Venture Partners, BP Ventures, Eversource Energy, Temasek, OMV, Canada Growth Fund, Business Development Bank of Canada, Japan Energy Fund, Chubu Electric Power, Creative Destruction Lab (CDL) and 3 others. |
| Which companies are comparable to Eavor? | Companies comparable to Eavor include HIF Global, Fulcrum Bioenergy, Cox Energy, Audax Renovables, Cloudberry Clean Energy and NatPower. |
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